What’s next from Xero?
- Published: February 9, 2020
- Author: Asparq
Last week popular online accounting leader Xero debuted two innovations designed to enhance the information small and medium sized businesses have about their operations.
The first, Vonto, is a new app developed by the Commonwealth Bank of Australia. It draws on a small business’s Xero data to uncover financial insights and delivers them in an easy-to-consume daily ‘news feed’.
Vonto is a free app available to small businesses using Xero. There’s no requirement to be a CBA customer. It joins Xero’s 800-strong app marketplace.
Through Vonto, users can access daily, monthly and yearly financial trends and patterns. It also highlights anomalies between business drivers and outcomes. Small businesses can customise the app to suit their needs.
Uber supports small business
Uber for Business is another innovation on the Xero platform. It simplifies the expense process for businesses and their employees and improves cash flow with monthly billing.
Rather than being billed per trip, Uber for Business gives firms the opportunity to be billed monthly. It means staff no longer have to supply single invoices for each ride. Rather, a monthly Uber for Business statement feeds into the company’s Xero account. This saves time, reduces manual data entry and improves accuracy in the accounting system.
Uber for Business is available through Xero Connect. As soon as the Uber invoice is paid it appears in Xero and is matched to the bill for seamless bank reconciliation.
Both Vonto and Uber for Business support the trend for electronic invoicing, or e-invoicing for short. Through e-invoicing, invoices are automatically sent and received in buyers’ and suppliers’ software systems. It eliminates the need to create paper-based or PDF invoices, scan, post or email them and manually enter them.
“E-invoicing is the next big billing revolution,” says Trent Innes, Xero Australia and Asia’s managing director.
Innes explains the federal and some state governments have already committed to e-invoicing and he expects businesses to follow. “Governments have promised five-day payment terms on contracts where both the government and the business are using the e-invoicing framework. Xero is building e-invoicing functionality to enable electronic, real-time delivery of invoices between small businesses and their trading partners. Ultimately, e-invoicing promotes faster payments, improved cash flow and greater accuracy.”
All these developments should help small businesses keep more accurate and up-to-date accounting records.
The information contained herein is of a general nature only and is not intended to be relied upon nor is it a substitute for appropriate professional advice. Whilst all care has been taken in the preparation of the material, it is not guaranteed to be accurate. Individual circumstances are different and as such require specific examination. Asparq cannot accept liability for any loss or damage of any kind arising out of the use of or reliance upon all or any part of this material. Additional information may be made available upon request.